Yandex is preparing to launch its own cashless payment service – Yandex Pay. RBC reports that the company’s terms and conditions now include information about the new service.

Yandex Pay will be available on Yandex’s web pages. Users can add their bank cards to the service and use it for cashless payment.

Yandex’s pres service has not answered RBC’s question about the launch of Yandex Pay. “We consistently develop and improve capacities for online payment in Yandex services. We want them to be convenient and safe. For that purpose, we are creating new technologies and services, which we will tell about later,” said the press service.

The company has also recalled that its clients already have the opportunity to add a bank card to the account and pay for purchases in company’s various services.

Last June, Sberbank announced it would buy out Yandex’s entire share (25% + RUB 1) in Yandex.Money.  The deal is worth RUB 2.4bn and will give Sberbank 100% of Yandex.Money.

“The competition between Sberbank and Yandex ecosystems started growing and we sought a mutually acceptable solution. Together with Yandex management, we found a balanced, mutually acceptable solution. We plan to remain partners with Yandex in the framework of commercial agreements in many areas,” said First Deputy Chairman of the Executive Board of Sberbank Lev Khasis.

After that, it became known that TCS Group (the main structure of Tinkoff Bank) was negotiating a sale to Yandex. Under the preliminary agreement, Yandex was to pay USD 27.64 per share, USD 5.48bn in total. However, it turned out recently that the deal would not go through and the bank would develop independently.

Last November, Managing Director of Yandex Group Tigran Khudaverdyan stated that Yandex planned to enter into the financial market. The company is specifying the entry scheme now and will demonstrate its “conventional” credit card in a year.

“Whether we will do it in a partnership or through non-organic growth with potential purchase or merger with other players, or whether we will start from scratch – that remains to be seen. I think we will have an understanding of the strategy in the next months or even weeks, and we will start moving in the chosen direction,” he said.

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